Good day i trust i find you well.
Please kindly advise and assist me, one of our family broker options is giving my wife a big challenge we do not know what more do to.
My wife traded and grew her live account with the broker using pending orders trading Dax , the broker froze her account last year March and attempted to derail her payments on account of malicious allegations and accusations they later back tracked on and released her account balance after extended shoving to and fro for the funds, short of one trade dispute they have said they will not attend to.
They initially said they had frozen the account for an investigation for suspected scalping( their live chat confirmed scalping is allowed and that actually the trade duration is per trader’s own choice there is no law on it ) and ‘impossible price entries’ and other Ts and Cs, they came back to say they were accusing her of manipulating and taking advantage of their trading system which is impossible because as users/traders the only access we have is the user side only, the impossible prices her reply was since she was using pending orders with quote prices and follow up market entry prices processed and approved by the broker it was malicious for them to even gather as a company with such flagrant accusations sending her such dangerous information knowing the truth but using such attempts to derail her payments . They also went on to say setting double pending orders -buy and sell orders at the same time was illegal in forex trading but i have referenced your free tutorials and examples depicting the very same pending orders they call illegal and still continue maintaining double pending orders are wrong even after supplied evidence to the contrary from your valued resources and those of other companies online saying the same thing that they are accepted in forex trading even showing how to do so.
Their initial demands was they were going to block her $12 000 withdrawal after the account freeze and also required her to return a previous $3100 she had made and sign non disclosure documents baring wrong information but she refused, they later tried to negotiate for less than the account reflected about half the account funds and she refused as they continued arm twisting her and sending traps in her inbox but she prevailed and they paid her the account funds less of one dispute they have communicated they are no longer committed to paying it after saying they would return with feedback this week.
She maxed her leverage and was using higher lots and grew her account from around $850 to $17 000 or so in a month’s time, she made a second withdrawal request when the account reached $14 000 and $2 000 was left in the account, that time the broker had a platform freeze which they acknowledged and communicated that they would reimburse all affected trades and the trades which did not execute they would attend to and ensure no clients were affected.
So on the $ 2 000 remaining balance the sell pending order was frozen and did not execute as at other times and when the platform freeze ended after several hours the order executed badly and caused a loss , and strangely the broker erased the trade evidence from the account history and they were now using that pretext to say they would only attend to the trade dispute only if she supplies the trade number until she responded back saying the responsibility to provide the trade number was theirs since they are the ones who cancelled the trade history , they promised feedback until finally saying their new response was they were just not going to attend to the trade according to their prior reimbursement promise, they also said all the account balance released was just a favor as they need not paid the amounts is that fair please?
Their platform malfunction carried to the next following day , she on the platform freeze day in the evening set another set of buy/sell pending orders which executed following morning but the play out was strange, there was a small gap which did not activate the buy order but just as quickly a bullish candle shot up aggressively and activated the buy order shooting into massive profit as she held the trade but she quickly noticed an anomaly as the profit symbol on the platform showed a negative for a trade in good profit on a $ 2 000 trade using 2 lots, she had to close the trade as was fearing that as the profit grew since it was in negative the account would blow, the broker then executed the profit as a loss and went to deduct the negative from her balance leaving her account on $1 500 yet it should have been around $ 2 500 after the clear win. She fought them until they eventually released that second trade query a few weeks back, what is left is the cancelled sell order they are refusing to attend to.
Her pending order strategy she developed after realizing gaps in her trades had an effect , in losses or profit depending on the price direction in relation to her trades, she lost big profit on one such gap trade that she placed on a Friday and it went into profit, she then analysed and expected the price continue moving her way but on the Monday there was a huge gap against her that made her lose the trade with a big negative. After such experiences she devised the pending order strategy to trade those same gaps caused her losses leading to messed up emotions and blowing of that account.
The broker says how they understand the pending order strategy should work is that when Dax closes at night they expect to start counting the price movement from after the gap, that sounds good on paper but their actual broker live market is depicting differently, when we place pending orders they activate earlier hence the current stalemate, we have asked them to test for themselves and see their explanation is not according to their broker live market conditions and they called it an error, we tested this strategy on different demo accounts on the broker and the same results then my wife went to her live account and the same results but they are blocking the payments, we have reverted to their demo accounts and the strategy is still working , when asked how come what they are arguing against is still playing out and when they will fix the error since it has been going on for years they are ignoring us and just maintaining they will not pay, but the losses they are holding on to, is that fair ? Are you able to assist us make sense of the broker inconsistencies please?
Top of that they communicated according to their assessment she did nothing wrong…
It is common that brokers put in their terms & conditions a rule that prohibits traders from taking unfair advantage of the characteristics of their trading platform or pricing.
Its going to be hard to prove the firm acted wrongly because they are not specific about ways that can cause them harm, and in any case, these things can change over time.
If they decide you have breached their T&C they will freeze platform access, void profits, enforce losses and demand back unfairly acquired profits.
Once these are cleared, they should re-imburse remaining deposited funds. If they do not, take them to court. In any case, as you don’t trust the firm, close the account.
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Only go with regulated brokers anyway with everything we only do and a lot much more than that really. I do hope something will be cleared with that matter anyway. Take a look once again maybe you have really broke some rule with that matter.